P.R. Laws tit. 26, § 1128
(1) A policy may be assignable or not assignable, as provided by its terms.
(2) Subject to the terms of the policy relating to its assignability, whether such policies were heretofore or are hereafter assigned, any policy issued by a life or disability insurer under the terms of which the beneficiary may be changed upon the sole request of the insured, may be assigned either by pledge or transfer of title, by an assignment executed by the insured alone and delivered to the assignee, whether or not the pledgee or assignee is the insurer. Any such assignment shall entitle the insurer to deal with the assignee as the owner or pledgee of the policy in accordance with the terms of the assignment, until the insurer has received at its home office written notice of termination of the assignment or pledge.
History —Ins. Code § 11.280.